By Ateeq Shariff
April 4 (Reuters) - Saudi Arabia's stock market ended
higher on Tuesday on rising oil prices, while the Egyptian
bourse eased after four sessions of gains.
Crude prices - a catalyst for the Gulf's financial markets -
rose after OPEC+ plans to cut more production jolted markets on
Monday, with investor attention shifting to demand trends and
the impact of higher prices on the global economy.
The OPEC+ production curbs led many analysts to raise their
Brent oil price forecasts to around $100 per barrel by year-end.
Goldman Sachs lifted its forecast for Brent to $95 a barrel by
the end of this year, and to $100 for 2024.
Saudi Arabia's benchmark index advanced 1.3%, buoyed
by a 2% rise in Al Rajhi Bank and a 2.7% leap in Saudi
National Bank .
The kingdom's non-oil business activity continued to expand
at a strong rate in March, a monthly survey showed, boosted by
an increase in new orders, although the pace of growth slowed
from the previous month.
The Saudi stock market continued to show strong gains
supported by oil price increases and positive local
fundamentals, said Farah Mourad, Senior Market Analyst of XTB
MENA.
Outside the Gulf, Egypt's blue-chip index eased
0.3%, ending four sessions of gains.
Mourad said changing global sentiment could affect prices on
the Egyptian market after a strong performance last month.
"At the same time, traders reacted to data on the
difficulties that the local economy is facing. Inflation remains
a negative factor. As a result, international investors could
continue to leave the market."
Dubai's main share index gained 0.5%.
In Qatar, the index climbed 0.9%, extending gains
from the previous session, with Qatar Islamic Bank closing 2.1% higher.
SAUDI ARABIA rose 1.3% to 10,945
ABU DHABI was flat at 9,504
DUBAI was up 0.5% to 3,455
QATAR gained 0.9% to 10,396
EGYPT lost 0.3% to 16,998
BAHRAIN ended flat at 1,889
OMAN lost 0.1% to 4,786
KUWAIT dropped 0.8% to 7,746
(Reporting by Ateeq Shariff in Bengaluru; editing by Barbara
Lewis)
